Tag: supply - law of supply and price elasticity of supply
Questions Related to supply - law of supply and price elasticity of supply
A supply curve passing through any point on X axis (quantity) will have elasticity __________.
If a dealer is prepared to supply 1000 sets of a 29" Colour TV if the price is Rs. 12,000 per set, however if the price rises to Rs. 15,000 he is prepared to supply 1,500 pieces. The elasticity of supply of the TV set is _______.
A 6% decrease in price has caused 9% decrease in quantity supplied, the price elasticity of supply will be _________.
A 6% increase in price has caused 8% increase in quantity supplied, the price elasticity of supply will be _________.
The supply function is given as: Q= -100 + 10P.
Find the elasticity using point method, when price is Rs. 15.